Rain and oil prices push grains Wednesday

Chicago -- Weather concerns and rising crude oil prices powered grain trading on the Chicago Board of Trade Wednesday.

Corn was up 30; soybeans were up 68 to up 70; wheat was up 60; oats were up 20.
Outlooks for a diminished corn yield due to late planting pushed corn contracts Wednesday. Wheat traded sharply up following corn's lead and pushed by Iran's commerce secretary saying Iran will need to buy 5 million metric tons (and 1.7 million metric tons of rice) this year. Soybeans rose on reports of deteriorating market conditions in Argentina.

The prices:

Corn: Jul 7.03 1/4, up 30; Sep 7.16 3/4, up 30; Dec 7.16 3/4, up 30; Mar 7.47, up 30.

Soybeans: Jul 15.16 1/2, up 70; Aug 15.19 1/4, up 70; Sep 15.13 1/2, up 70; Nov 15.09, up 68.

Wheat: Jul 8.69, up 60; Sep 8.85 1/2, up 60; Dec 9.09, up 60; Mar 9.31 1/2, up 60.

Oats: Jul 4.13, up 20; Sep 4.25, up 20; Dec 4.40, up 20; Mar 4.55, up 20.

Copyright 2008 by United Press International.